Nice Cup and Handle pattern here on the 30 minute chart of Ripple.
We've made a few attempts at breaking this 1.30 level, and every time we pull back, but positive volumes are strong and I think we get a break eventually, heading up to that trend line which marks the upward sloping wedge pattern's upward bounds.
Break out would take us to around 1.36 and then that trend line at around 1.40.
THE TRADE:
Long above 1.30
Profits at 161.8 Fib level at 1.36 and then 1.40 at trend line resistance.
Stop below the bullish engulfing candle at 1.24.
I would buy any pullbacks into that 1.25 level until we break it, anticipating a break out of 1.30
We've made a few attempts at breaking this 1.30 level, and every time we pull back, but positive volumes are strong and I think we get a break eventually, heading up to that trend line which marks the upward sloping wedge pattern's upward bounds.
Break out would take us to around 1.36 and then that trend line at around 1.40.
THE TRADE:
Long above 1.30
Profits at 161.8 Fib level at 1.36 and then 1.40 at trend line resistance.
Stop below the bullish engulfing candle at 1.24.
I would buy any pullbacks into that 1.25 level until we break it, anticipating a break out of 1.30
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Sign up to TradingView charts:
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Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591